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Overall, the sector, with more than 400 companies, is generating global sales of £6bn and proving to be a solid exporter.

But a number of problems are having a negative impact on the British market, including a lack of available financial backing, particularly when compared with the US, and a local rather than global mentality.

As a consequence the sector could miss out on investment and some players could become the subject of a foreign takeover.

"There is a tendency to write off the UK software industry because most of the familiar software companies are in the US. That would be a big mistake," stated Richard Holway, chairman of TechMarketView.

The UK software industry has never had a problem with quality or the innovation of its people, but it needs to improve its management and marketing skills and gain investment to grow operations beyond the local market, he said.

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